Hanover MeadowsActive Adult Community Development OpportunityNew Hanover Township, Montgomery County, PA                  ...
Table of Contents       Confidentiality StatementI.     Executive SummaryII.    Project Overview          Hanover Meadow...
Confidentiality StatementConfidentiality StatementThe material contained in this Marketing Book is confidential, furnished...
Executive Summary
Executive SummaryHeritage Building Group is proud to present Hanover Meadows; a Master Planned, Mixed-Usedevelopment oppor...
I. Active Adult Retirement Community:Hanover Meadows has been designed to include, or is in close proximity to, the manyam...
Ideally located in New Hanover Township, the three components at Hanover Meadows arecompetitively positioned for success w...
Project Overview
Project BackgroundLocation Map                                                                   Hanover MeadowsDriving Di...
Aerial Map
Approvals:Currently a Joint 105 Permit and a Highway Occupancy Permit remain outstanding but bothwill be procured by the S...
Project Background:In addition to Hanover Meadows, Heritage Building Group is developing two adjacentprojects: Hanover Gle...
The purchaser(s) of Hanover Meadows will have to secure its/their total potential contributionof $597,500 by providing acc...
HANOVER MEADOWS                         Lot Area (sq Lot Width (ft)   Lot Depth   Bldg. Env.   Bldg. Env. DepthLot No.   P...
HANOVER MEADOWS                         Lot Area (sq Lot Width (ft)   Lot Depth   Bldg. Env.   Bldg. Env. DepthLot No.   P...
HANOVER MEADOWS                         Lot Area (sq Lot Width (ft)   Lot Depth   Bldg. Env.   Bldg. Env. DepthLot No.   P...
HANOVER MEADOWS                         Lot Area (sq Lot Width (ft)   Lot Depth   Bldg. Env.   Bldg. Env. DepthLot No.   P...
HANOVER MEADOWS                         Lot Area (sq Lot Width (ft)   Lot Depth   Bldg. Env.   Bldg. Env. DepthLot No.   P...
HANOVER MEADOWS                         Lot Area (sq Lot Width (ft)   Lot Depth   Bldg. Env.   Bldg. Env. DepthLot No.   P...
HANOVER MEADOWS                         Lot Area (sq Lot Width (ft)   Lot Depth   Bldg. Env.   Bldg. Env. DepthLot No.   P...
HANOVER MEADOWS                         Lot Area (sq Lot Width (ft)   Lot Depth   Bldg. Env.   Bldg. Env. DepthLot No.   P...
HANOVER MEADOWS                         Lot Area (sq Lot Width (ft)   Lot Depth   Bldg. Env.   Bldg. Env. DepthLot No.   P...
HANOVER MEADOWS                         Lot Area (sq Lot Width (ft)   Lot Depth   Bldg. Env.   Bldg. Env. DepthLot No.   P...
HANOVER MEADOWS                         Lot Area (sq Lot Width (ft)   Lot Depth   Bldg. Env.   Bldg. Env. DepthLot No.   P...
HANOVER MEADOWS                         Lot Area (sq Lot Width (ft)   Lot Depth   Bldg. Env.   Bldg. Env. DepthLot No.   P...
Hanover Meadows Components Detailed
I.       Active Adult Retirement CommunityThe potential market for Active Adult Communities is diverse and controls substa...
presenting to sales prospects the potential of the active adult community. The buildingenvelope was intentionally designed...
Alternatively, the sale of this property may contemplate multiple buyers acquiring the differentproduct types and marketin...
Improvement Costs Summary:Improvement costs for Hanover Meadows have been estimated and categorized as follows:Common On-S...
In the event that multiple buyers acquire the different components of the site, HeritageBuilding Group may install the on-...
Common Off-Site Improvements –Within the immediate vicinity of the 616 unit AARC (including the senior apartments) and the...
Water Extension Contribution:Public water to this property is available and is provided by Superior Water Company. Therear...
Fees and Contributions (cont’d)     Impact Contribution Fee     Impact Contribution Fee for impacts associated with the 41...
II.     Senior Apartments/CondominiumsImmediately adjacent to the 412-unit Active Adult Retirement Community, Heritage Bui...
Improvement Costs Summary:Improvement costs for Hanover Meadows have been estimated and categorized as follows:Common On-S...
The estimated total for the on-site improvements relative to the                              SeniorApartments/Condominium...
Fees and Contributions:Fees Paid at Recording –In accordance with the settlement agreement with New Hanover Township throu...
Estimated Improved Lot Costs:The 204 unit Senior Apartments/Condominiums section can be purchased in it’s entirety fortota...
III. Continuing Care Retirement CommunityHanover Meadows is a truly unique Age Qualified housing opportunity, providingunp...
is not constrained by those assumptions and has the ability to re-design the plans, building tosuit the specific demands o...
Improvement Costs Summary:Improvement costs for Hanover Meadows have been estimated and categorized as follows:Common On-S...
Sanitary Sewer –Public sanitary sewer will be available to the property and is provided by the New HanoverTownship Sewer A...
Market Analysis
Market AnalysisAge Qualified DemographicsIn 1900, less than 5% of the national population was comprised of people over the...
In 1990, the average age of an Active Adult homebuyer was 67 but by 2000, that average agedropped to 61 year old. This is ...
Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
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Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
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Hanover Meadows Offering Memorandum 2
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Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
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Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
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Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
Hanover Meadows Offering Memorandum 2
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Hanover Meadows Offering Memorandum 2

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Market Analysis for a regional shopping center; part of an approve mixed-use community in New Hanover, PA.

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Hanover Meadows Offering Memorandum 2

  1. 1. Hanover MeadowsActive Adult Community Development OpportunityNew Hanover Township, Montgomery County, PA Heritage Building Group, Inc. Charles C. Sturges, IV Vice President - Land Acquisition & Sales 2500 York Rd. Jamison, PA 18929 215-491-7771
  2. 2. Table of Contents Confidentiality StatementI. Executive SummaryII. Project Overview Hanover Meadows Site Plan Locator Map Aerial Map Approvals Project Background Lot Schedule Master Planned Community Site Plan Common Site ImprovementsIII. Hanover Meadows Components Detailed 412-Unit Active Adult Community 204-Unit Senior Apartment Community 254-Unit Continuing Care Retirement CommunityIV. Market Analysis Market Analysis Active Adult Competitors Analysis Area Amenities New Hanover Housing Pipeline New Hanover Housing MapV. Appendix New Hanover Township Order Conceptual Phasing Plan
  3. 3. Confidentiality StatementConfidentiality StatementThe material contained in this Marketing Book is confidential, furnished solely forthe purpose of considering the acquisition of Hanover Meadows (the “Project”) andis not to be used for any other purpose or made available to any other person withoutthe express written consent of Heritage Building Group, Inc (the “Owner”). Thismaterial is based upon information supplied by the Owner from sources that aredeemed reliable. No warranty or representation, express or implied, is made by theOwner, or any of their affiliates and/or assignees, as to the accuracy or completenessof the information contained herein.
  4. 4. Executive Summary
  5. 5. Executive SummaryHeritage Building Group is proud to present Hanover Meadows; a Master Planned, Mixed-Usedevelopment opportunity, featuring up to 870 units of Age Restricted housing, ideally locatedin New Hanover Township, Montgomery County, PA that is being offered for sale on anapproved basis.Situated on approximately 215 pristine acres adjacent to Route 663 and Route 73, HanoverMeadows provides an array of highly marketable housing product types to a wide spectrum ofbuyers in a supply-constrained market.Hanover Meadows promises to be the region’s premiere Age Restricted Community and offersthree distinct development opportunities for: Active Adult home builders, Senior Apartmentbuilders and operators, and Continuing Care Retirement Campus builders and operators, whileminimizing the risk and capital required to develop the project in its entirety. This combinationof uses will allow the end buyers the ability to move seamlessly within one broad campus,between the different components developed by one or multiple builders.Hanover Meadows consists of three major components that are available to be acquired anddeveloped together or separately from each other:  412 unit Active Adult Retirement Community (“AARC”) with three different types of lots (187 single-family detached lots, 32 twins lots, 197 townhouses lots); this section will be sold with Final Approval and all permits required to begin construction  204 unit multi-family section that can be developed as Senior Apartments or as an Active Adult Condominium Community; this section will be sold with Final Approval and all permits required to begin construction  254 unit Continuing Care Retirement Community (“CCRC”) consisting of Independent and Assisted Living Facilities; this section will be sold with Conditional Use Approval and requires the buyer to obtain Final Subdivision and Land Development Approval and all necessary permitsThe Master Planned Community at Hanover Meadows has been designed to maximizeflexibility in the overall development of the site and enables multiple developers theopportunity to acquire different sections, and thereby attracting different segments of themarket, appealing to buyers that are 55-and-better who are searching for lifestyle and value.Hanover Meadows also boasts the convenience and option for buyers who elect to agegracefully in place in the comfort of one Master Planned Community.
  6. 6. I. Active Adult Retirement Community:Hanover Meadows has been designed to include, or is in close proximity to, the manyamenities that are necessary to complement the lifestyles desired by Age Qualified buyers. Inaddition to designing the project to provide a clubhouse area that will be up to 16,000 squarefeet, and providing areas for a large swimming pool, walking trails, bocce and shuffleboardcourts, three golf courses are located within a short drive of the AARC. Every detail atHanover Meadows Active Adult Community was carefully designed to provide the resort-styleliving that will attract future residents of the community. Hanover Meadows provides adistinct, Active Adult-oriented lifestyle choice, rather than simply a place to liveHanover Meadows consists of three different housing types that will offer Active Adultresidents a wide selection and range of housing options. Typ. Lot Area Typ. Lot Width Typ. Lot Typ. Bldg. Env. Typ. Bldg. Env. Product Type (sq ft) (ft) Depth (ft) Width (ft) Depth (ft) Singles 8,000 64 128 44 73 Twins 5,824 51 109 41 62 Towns 3,720 30 124 30 74II. Senior Apartments/Condominiums:Attractively designed apartments marketed solely for seniors are in short supply in the region.Hanover Meadows is very unique in its design and features a 204 unit component that iscomprised entirely of senior apartments that can be leased to this growing segment of themarket. Alternatively, the 204 units can be sold as condominiums. This component can bepurchased separately from the Master Planned community with the possibility of employing ashared amenities package with the developer of the Active Adult Retirement Community.III. Continuing Care Retirement Campus:Hanover Meadows also features a 254 unit Continuing Care Retirement Campus (CCRC) thatcan be acquired separately from the balance of the site. The CCRC component has ConditionalUse Approval to develop Independent Living and Assisted Living Facilities that are naturallybuffered from the adjacent uses. A brand new YMCA is in operation a short distance from theCCRC component, which will ultimately provide a new layer of convenience and moreopportunities for the residents of Hanover Meadows to engage in activities and to interact withtheir neighbors. Building Type Number of Number of Lot Size Units Beds* Sq. Ft.* Independent Living 190 209 11 Acres Full Care 64 128 5 Acres Total: 254 337 16 Acres *Number of beds is dependent upon the number of parking spaces that will be provided
  7. 7. Ideally located in New Hanover Township, the three components at Hanover Meadows arecompetitively positioned for success within the Age Restricted market. By the year 2010, NewHanover Township’s population is expected to increase by 25%, the 5th largest percentageincrease within Montgomery County. Even more astounding, New Hanover is expected toundergo a 98% increase in population by 2025, marking the single largest percent increase ofany municipality in Montgomery County. Hanover Meadows is not only located in one of thefastest growing municipalities but is situated within a municipality located in one of the mostrapidly aging geographic areas in the entire state. Twenty percent of the current residents inNew Hanover qualify for age restricted housing and as a result, is potentially in the market fora new home in an Active Adult Community such as Hanover Meadows.New Hanover Township’s unique location in Montgomery County, equidistant to Berks,Bucks, Chester, Lehigh and Philadelphia Counties ensures that future residents will haveaccess to the desirable destinations and amenities of all six counties, including corporatecampuses, healthcare facilities, recreation areas, vast retail locations, educationalestablishments, museums and other cultural institutions, via a superior network of highwaysand by public transportation for non-driving residents.To further meet the needs of the residents of Hanover Meadows and the Township, HeritageBuilding Group has also obtained the necessary approvals to develop of a 275,000 square footshopping center (New Hanover Crossing) adjacent to Hanover Meadows. Proposed tenantswill include a grocery store, a pharmacy, a bank and a casual dining restaurant, among otherretail stores.Hanover Meadows is proudly offered to the development community in three sections withpricing as follows: Error! Not a valid link.This visionary land plan integrates three different and distinct housing options which willtarget a wider range of potential buyers for Active Adult and Continuing Care housing, andlessees of Senior Apartments. The synergy that can be captured between these three sections isprojected to increase absorption rates, unit prices, and maintain higher occupancy rates whilealso providing the unique opportunity for residents to age gracefully and comfortably in onelocation.The following material is a synopsis of the information relative to the property and provides detailed informationpertaining to Lot Information, Location Maps, a Market Analysis and Site Plans. A complete plan set is availableupon request. The information has been obtained from sources deemed reliable. However, Heritage BuildingGroup, Inc. makes no representation with respect to the accuracy of this information.
  8. 8. Project Overview
  9. 9. Project BackgroundLocation Map Hanover MeadowsDriving Directions:From Route 422: Take the Sanatoga exit of Route 422. Turn left onto E. High Street for .5 miles and turn right ontoN. Sanatoga Rd. Go 1.2 miles and turn right onto N. Pleasant View Rd. N. Pleasant View Rd. becomes Sanatoga Rd.again after .8 miles. Turn left onto Swamp Pike Rd and continue for about 2 miles. Turn Right onto North Charlotte(Route 663). Hanover Meadows will be on your right.From the Northeast Extension (I-476): Take Exit #44 of the Northeast Extension (I-476) onto PA-663 towardPottstown approximately 12.1 miles. Turn left onto Big Road (PA-73) and travel about 1 mile to arrive at HanoverMeadows. Hanover Meadows
  10. 10. Aerial Map
  11. 11. Approvals:Currently a Joint 105 Permit and a Highway Occupancy Permit remain outstanding but bothwill be procured by the Seller prior to Closing. Hanover Meadows will be sold with allapplicable approvals and permits in place for the 412 Active Adult units and the 204 SeniorApartments/Condominiums. It is estimated that these units may begin construction inNovember 2008. Public sanitary sewer treatment is available to the property, pursuant to thecompletion of a plant expansion by the New Hanover Township Sewer Authority. Constructionmay begin on the 254 unit Continuing Care Retirement Community after the Buyer hasreceived all necessary approvals and permits.
  12. 12. Project Background:In addition to Hanover Meadows, Heritage Building Group is developing two adjacentprojects: Hanover Glen - a 40 lot detached single family home community; and New HanoverCrossing – a 275,000 retail shopping center. The development of these projects will requirethe construction of certain common off-site improvements which include highwayimprovements along Routes 73 and 663, off-site sewer lines, the extension of Miles Road, anda gas line approach.With respect to the Highway Improvements, each project will have an individual Penn DOTpermit, however, the three individual permits will have an overlapping scope of work.Heritage has developed cost estimates for these common off-site improvements and hasassigned contributions and reimbursements for each respective project to facilitate and insurethe necessary funding for the construction of the off-site improvements. The builder(s) ofHanover Meadows will be responsible for the scope of work required by its respective PennDOT permit, including posting required financial security, and will receive a reimbursementfor the overlap work in the event Hanover Meadows starts before either or both of thecontiguous projects. Likewise, in the event one or both of the contiguous projects starts beforeHanover Meadows then the builder(s) of Hanover Meadows will make a contribution for thecost of common off-site improvements constructed by the other builder(s).For the Hanover Meadows project, the assigned reimbursements and contributions forcommon off-site improvements are as follows:If Hanover Meadows Starts First - The builder(s) of Hanover Meadows will receive a totalreimbursement of $535,000 consisting of: $200,000 for the gas line approach from the builderof Hanover Glen and the builder of New Hanover Crossing plus an additional $335,000 for theHighway Improvement overlap with New Hanover Crossing. These reimbursements will besecured by a cash escrow to be posted by the Seller at the closing of the sale of HanoverMeadows. Each component of the reimbursement will be paid in two stages, 50% will befunded when the work is 50% complete and the balance of the reimbursement when the workis substantially complete.If One or Both of the Other Contiguous Projects Starts Before Hanover Meadows – Thebuilder(s) of Hanover Meadows will be responsible for a total potential contribution of$597,500 for common off-site improvements if both of the other projects start prior to HanoverMeadows. The components of the $597,500 are: $262,500 for the gas line approach if thebuilder of Hanover Glen starts prior to Hanover Meadows and $335,000 for HighwayImprovement overlap with the builder of New Hanover Crossing.
  13. 13. The purchaser(s) of Hanover Meadows will have to secure its/their total potential contributionof $597,500 by providing acceptable financial security. Contribution amounts will be due onlyin the event construction of common off-site improvements are commenced by anotherbuilder(s) prior to the start of construction of Hanover Meadows. The $597,500 contributionmay be reduced depending on the order of each project starting.In the event Hanover Meadows starts before one or both of the other projects and the buyer(s)of Hanover Meadows undertakes construction of the common off-site improvements then thecontribution/financial security amount will be modified or cancelled.The contribution for each component of the common off-site improvements will be payable intwo stages, 50% will be funded when the work is 50% complete and the balance of thereimbursement when the work is substantially complete.The amounts of reimbursements and contributions are fixed amounts. The builder of eachproject will be responsible for estimating the costs for off-site improvements which may berequired to be constructed at the start of each project but the reimbursement and contributionamounts set forth above will be fixed amounts.
  14. 14. HANOVER MEADOWS Lot Area (sq Lot Width (ft) Lot Depth Bldg. Env. Bldg. Env. DepthLot No. Product Type ft) @ BSBL (ft) Width (ft) (ft) 1 Single 8,014 60.00 124.00 44.00 60.00 2 Single 9,293 60.00 125.00 40.00 64.00 3 Single 11,067 60.00 141.00 40.00 80.00 4 Single 10,693 58.00 146.00 40.00 62.00 5 Single 9,216 64.00 144.00 44.00 74.00 6 Single 9,216 64.00 144.00 44.00 74.00 7 Single 9,216 64.00 144.00 44.00 74.00 8 Single 9,216 64.00 144.00 44.00 74.00 9 Single 9,216 64.00 144.00 44.00 74.00 10 Single 9,216 64.00 144.00 44.00 74.00 11 Single 9,072 63.00 144.00 43.00 74.00 12 Single 9,072 64.00 144.00 44.00 74.00 13 Single 11,451 70.00 135.00 44.00 84.00 14 Single 13,848 78.38 193.00 44.00 54.00 15 Single 10,620 85.18 124.00 44.00 69.00 16 Single 7,936 64.00 124.00 44.00 74.00 17 Single 7,936 64.00 124.00 44.00 74.00 18 Single 7,936 64.00 124.00 44.00 74.00 19 Single 7,936 64.00 124.00 44.00 74.00 20 Single 10,019 62.00 120.00 42.00 68.00 21 Single 8,615 62.00 120.00 42.00 69.00 22 Single 8,777 65.00 124.00 45.00 69.00 23 Single 9,924 66.00 124.00 40.00 68.00 24 Single 10,329 65.00 124.00 44.00 70.00 25 Single 10,979 62.00 127.00 42.00 70.00 26 Single 10,244 64.00 126.00 44.00 68.00 27 Single 7,924 64.00 124.00 44.00 68.00 28 Single 9,545 77.00 124.00 57.00 68.00 29 Single 7,936 64.00 124.00 44.00 68.00 30 Single 9,734 78.50 124.00 54.00 68.00 31 Single 10,540 85.00 124.00 55.00 68.00 32 Single 7,936 64.00 124.00 44.00 68.00 33 Single 9,896 80.00 124.00 55.00 68.00 34 Single 9,662 78.00 124.00 53.00 69.00 35 Single 7,811 62.99 124.00 43.00 69.00 36 Single 7,396 64.00 124.00 44.00 69.00 37 Single 7,936 64.00 124.00 44.00 69.00
  15. 15. HANOVER MEADOWS Lot Area (sq Lot Width (ft) Lot Depth Bldg. Env. Bldg. Env. DepthLot No. Product Type ft) @ BSBL (ft) Width (ft) (ft) 38 Single 10,580 83.50 124.00 44.00 69.00 39 Single 7,937 64.00 124.00 44.00 69.00 40 Single 7,955 64.00 124.00 44.00 69.00 41 Single 7,954 64.00 123.99 44.00 69.00 42 Single 7,935 64.00 123.99 44.00 69.00 43 Single 7,935 64.00 123.99 44.00 69.00 44 Single 10,800 87.11 122.02 54.00 69.00 45 Single 7,936 64.00 124.00 44.00 69.00 46 Single 7,688 62.00 124.00 42.00 69.00 47 Single 9,569 78.00 124.00 52.00 69.00 48 Single 8,336 64.00 127.65 44.00 64.00 49 Single 8,532 65.71 130.50 44.00 75.00 50 Single 8,352 64.00 130.50 44.00 75.00 51 Single 8,221 63.00 130.50 43.00 75.00 52 Single 8,192 64.00 128.00 44.00 73.00 53 Single 11,499 90.00 128.00 54.00 73.00 54 Single 8,196 64.03 128.00 44.00 73.00 55 Single 8,196 64.03 128.00 44.00 73.00 56 Single 8,196 64.03 128.00 44.00 73.00 57 Single 8,196 64.03 128.00 44.00 73.00 58 Single 8,196 64.03 128.00 44.00 73.00 59 Single 13,801 120.00 128.00 45.00 73.00 60 Single 10,989 85.00 128.00 40.00 73.00 61 Single 8,773 60.00 128.00 40.00 73.00 62 Single 10,061 60.00 128.00 40.00 73.00 63 Single 10,494 61.00 134.00 41.00 78.00 64 Single 9,909 66.00 128.00 41.00 73.00 65 Single 8,192 64.00 128.00 44.00 73.00 66 Single 8,704 68.00 128.00 44.00 73.00 67 Single 10,693 84.00 128.00 59.00 73.00 68 Single 9,891 56.00 125.00 36.00 70.00 69 Single 10,005 56.00 128.00 36.00 69.00 70 Single 8,030 64.00 124.00 44.00 69.00 71 Single 7,936 64.00 124.00 44.00 69.00 72 Single 7,936 64.00 124.00 44.00 69.00 73 Single 7,940 64.00 124.00 44.00 69.00 74 Single 8,546 64.00 130.00 44.00 76.00
  16. 16. HANOVER MEADOWS Lot Area (sq Lot Width (ft) Lot Depth Bldg. Env. Bldg. Env. DepthLot No. Product Type ft) @ BSBL (ft) Width (ft) (ft) 75 Single 15,951 60.00 170.00 40.00 80.00 76 Single 23,419 60.00 220.00 40.00 80.00 77 Single 14,110 64.00 150.00 44.00 66.00 78 Single 8,908 64.00 139.00 44.00 70.00 79 Single 8,921 64.00 139.00 44.00 70.00 80 Single 8,926 64.00 139.00 44.00 70.00 81 Single 10,066 64.00 139.00 44.00 70.00 82 Single 15,777 66.00 150.00 46.00 72.00 83 Single 19,083 75.00 126.00 54.00 52.00 84 Single 16,180 60.00 156.00 45.00 85.00 85 Single 9,192 100.00 124.00 40.00 54.00 86 Single 7,979 64.00 124.00 44.00 69.00 87 Single 7,962 64.00 124.00 44.00 69.00 88 Single 8,003 64.00 124.00 44.00 69.00 89 Single 10,817 140.00 124.00 40.00 55.00 90 Single 8,014 64.00 123.00 44.00 68.00 91 Single 7,934 64.00 123.97 44.00 69.00 92 Single 7,934 64.00 123.97 44.00 69.00 93 Single 10,613 112.00 110.00 44.00 54.00 94 Single 11,834 91.00 125.00 61.00 68.00 95 Single 10,768 65.00 112.00 44.00 64.00 96 Single 8,211 64.00 110.00 44.00 64.00 97 Single 11,581 66.00 126.00 44.00 65.00 98 Single 10,849 70.00 157.00 44.00 103.00 99 Single 11,967 144.00 120.00 44.00 60.00 100 Single 8,746 64.00 126.84 44.00 71.00 101 Single 11,414 9001.00 126.78 70.00 71.00 102 Single 8,114 64.01 126.74 44.00 71.00 103 Single 8,111 64.01 126.70 44.00 71.00 104 Single 8,109 64.01 126.66 44.00 71.00 105 Single 8,030 64.00 126.00 44.00 71.00 106 Single 11,554 120.00 110.00 44.00 48.00 107 Single 12,076 61.00 150.00 40.00 100.00 108 Single 9,543 65.00 130.00 44.00 72.00 109 Single 7,980 64.00 125.00 44.00 71.00 110 Single 8,000 64.00 125.00 44.00 71.00 111 Single 8,000 64.00 125.00 44.00 71.00
  17. 17. HANOVER MEADOWS Lot Area (sq Lot Width (ft) Lot Depth Bldg. Env. Bldg. Env. DepthLot No. Product Type ft) @ BSBL (ft) Width (ft) (ft) 112 Single 8,000 64.00 125.00 44.00 71.00 113 Single 8,000 64.00 125.00 44.00 71.00 114 Single 8,000 64.00 125.00 44.00 71.00 115 Single 8,000 64.00 125.00 44.00 71.00 116 Single 8,000 64.00 125.00 44.00 71.00 117 Single 7,750 62.00 125.00 42.00 71.00 118 Single 10,291 82.50 125.00 57.50 71.00 119 Single 10,041 80.50 125.00 55.50 70.00 120 Single 8,000 64.00 125.00 44.00 70.00 121 Single 8,000 64.00 125.00 44.00 70.00 122 Single 8,000 64.00 125.00 44.00 70.00 123 Single 8,000 64.00 125.00 44.00 70.00 124 Single 8,000 64.00 125.00 44.00 70.00 125 Single 8,000 64.00 125.00 44.00 70.00 126 Single 8,000 64.00 125.00 44.00 70.00 127 Single 8,000 64.00 125.00 44.00 70.00 128 Single 8,000 64.00 125.00 44.00 70.00 129 Single 8,000 64.00 125.00 44.00 70.00 130 Single 8,000 64.00 125.00 44.00 70.00 131 Single 8,000 64.00 125.00 44.00 70.00 132 Single 8,000 64.00 125.00 44.00 70.00 133 Single 8,000 64.00 125.00 44.00 70.00 134 Single 8,000 64.00 125.00 44.00 70.00 135 Single 9,600 64.00 136.00 44.00 66.00 136 Single 8,670 64.00 136.00 44.00 66.00 137 Single 8,704 64.00 136.00 44.00 66.00 138 Single 8,704 64.00 136.00 44.00 66.00 139 Single 8,686 64.00 136.00 44.00 67.00 140 Single 10,850 81.23 135.42 44.00 80.00 141 Single 9,011 64.00 141.00 44.00 71.00 142 Single 9,024 64.00 141.00 44.00 71.00 143 Single 9,024 64.00 141.00 44.00 71.00 144 Single 9,024 64.00 141.00 44.00 71.00 145 Single 9,024 64.00 141.00 44.00 71.00 146 Single 9,024 64.00 141.00 44.00 71.00 147 Single 9,024 64.00 141.00 44.00 71.00 148 Single 9,024 64.00 141.00 44.00 71.00
  18. 18. HANOVER MEADOWS Lot Area (sq Lot Width (ft) Lot Depth Bldg. Env. Bldg. Env. DepthLot No. Product Type ft) @ BSBL (ft) Width (ft) (ft) 149 Single 9,024 64.00 141.00 44.00 71.00 150 Single 9,024 64.00 141.00 44.00 71.00 151 Single 9,024 64.00 141.00 44.00 71.00 152 Single 9,024 64.00 141.00 44.00 71.00 153 Single 9,024 64.00 141.00 44.00 71.00 154 Single 9,024 64.00 141.00 44.00 71.00 155 Single 9,024 64.00 141.00 44.00 71.00 156 Single 9,027 64.00 141.00 44.00 71.00 157 Single 8,792 64.00 139.00 44.00 69.00 158 Single 8,508 64.98 130.52 44.98 68.00 159 Single 11,482 90.00 128.00 54.00 73.00 160 Single 8,192 63.99 128.00 44.00 73.00 161 Single 8,192 64.00 128.00 44.00 73.00 162 Single 8,192 64.00 128.00 44.00 73.00 163 Single 8,192 64.00 128.00 44.00 73.00 164 Single 8,192 64.00 128.00 44.00 73.00 165 Single 8,192 64.00 128.00 44.00 73.00 166 Single 8,196 63.00 128.00 44.00 73.00 167 Single 8,192 64.00 128.00 44.00 73.00 168 Single 8,445 64.00 128.00 44.00 73.00 169 Single 8,183 64.00 128.00 44.00 73.00 170 Single 8,832 69.00 128.00 44.00 73.00 171 Single 8,192 64.00 128.00 44.00 73.00 172 Single 8,192 64.00 128.00 44.00 73.00 173 Single 8,192 64.00 128.00 44.00 73.00 174 Single 8,192 64.00 128.00 44.00 73.00 175 Single 8,192 64.00 128.00 44.00 73.00 176 Single 8,192 64.00 128.00 44.00 73.00 177 Single 8,832 69.00 128.00 44.00 73.00 178 Single 10,657 100.00 128.00 44.00 70.00 179 Single 8,806 64.00 128.00 44.00 73.00 180 Single 8,289 64.00 128.00 44.00 73.00 181 Single 8,192 64.00 128.00 44.00 73.00 182 Single 8,192 64.00 128.00 44.00 73.00 183 Single 8,192 64.00 128.00 44.00 73.00 Typ. 8,000 64 128 44 73 Avg. 9,236 116.71 130.46 44.59 70.68
  19. 19. HANOVER MEADOWS Lot Area (sq Lot Width (ft) Lot Depth Bldg. Env. Bldg. Env. DepthLot No. Product Type ft) @ BSBL (ft) Width (ft) (ft) 184 Twin 8,262 75.00 109.00 45.00 59.00 185 Twin 5,865 54.00 109.00 41.00 59.00 186 Twin 6,519 47.00 109.00 37.00 59.00 187 Twin 6,736 50.00 124.00 40.00 70.00 188 Twin 14,732 45.00 168.00 35.00 100.00 189 Twin 7,624 52.00 137.00 42.00 84.00 190 Twin 7,869 47.00 112.00 37.00 62.00 191 Twin 5,824 52.00 112.00 42.00 62.00 192 Twin 5,824 52.00 112.00 42.00 62.00 193 Twin 5,824 52.00 111.99 42.00 62.00 194 Twin 5,823 52.00 111.99 42.00 61.00 195 Twin 5,857 52.00 111.99 42.00 61.00 196 Twin 7,812 47.00 110.75 37.00 61.00 197 Twin 5,795 50.00 110.75 40.00 61.00 198 Twin 7,374 43.00 117.93 33.00 66.00 199 Twin 7,084 47.00 117.93 37.00 66.00 200 Twin 6,946 54.00 123.53 44.00 62.00 201 Twin 9,298 75.00 120.00 44.00 62.00 202 Twin 9,064 75.00 119.32 44.00 69.00 203 Twin 7,084 58.00 119.32 48.00 69.00 204 Twin 6,878 51.87 132.00 42.00 81.00 205 Twin 6,865 52.99 128.00 42.00 79.00 206 Twin 10,569 74.00 139.60 45.00 75.00 207 Twin 7,313 52.00 139.60 42.00 90.00 208 Twin 6,128 51.00 118.29 41.00 61.00 209 Twin 6,177 51.00 118.00 41.00 62.00 210 Twin 6,350 51.00 120.00 41.00 66.00 211 Twin 6,496 51.00 127.92 41.00 68.00 212 Twin 6,540 51.00 128.51 41.00 71.00 213 Twin 6,574 51.00 129.22 41.00 71.00 214 Twin 6,607 51.00 129.87 41.00 72.00 215 Twin 6,640 51.00 129.87 41.00 73.00 216 Twin 7,904 45.00 170.00 30.00 96.00 Typ. 5,824 51 109 41 62 Avg. 7,220 53.42 123.59 40.70 69.15
  20. 20. HANOVER MEADOWS Lot Area (sq Lot Width (ft) Lot Depth Bldg. Env. Bldg. Env. DepthLot No. Product Type ft) @ BSBL (ft) Width (ft) (ft) 217 Town 4,706 30.00 150.00 30.00 84.00 218 Town 4,407 30.00 143.00 30.00 74.00 219 Town 4,258 30.00 141.00 30.00 74.00 220 Town 6,337 30.00 140.00 30.00 74.00 221 Town 6,543 30.00 140.00 30.00 74.00 222 Town 4,394 30.00 144.00 30.00 74.00 223 Town 4,498 30.00 148.00 30.00 74.00 224 Town 7,184 30.00 110.00 30.00 74.00 225 Town 8,182 35.00 124.00 35.00 74.00 226 Town 3,720 30.00 124.00 30.00 74.00 227 Town 3,720 30.00 124.00 30.00 74.00 228 Town 3,720 30.00 124.00 30.00 74.00 229 Town 4,684 30.00 124.00 30.00 74.00 230 Town 9,174 34.00 130.00 34.00 80.00 231 Town 5,469 30.00 180.00 30.00 70.00 232 Town 5,189 30.00 170.00 30.00 115.00 233 Town 4,830 30.00 160.00 30.00 100.00 234 Town 9,393 30.00 140.00 30.00 80.00 235 Town 4,956 40.00 124.00 30.00 74.00 236 Town 3,707 30.00 124.00 30.00 74.00 237 Town 3,720 30.00 124.00 30.00 74.00 238 Town 3,720 30.00 124.00 30.00 74.00 239 Town 5,699 45.96 124.00 30.00 74.00 240 Town 5,828 47.00 124.00 30.00 74.00 241 Town 3,720 30.00 124.00 30.00 74.00 242 Town 3,720 30.00 124.00 30.00 74.00 243 Town 3,720 30.00 124.00 30.00 74.00 244 Town 5,580 45.00 124.00 30.00 74.00 245 Town 5,828 47.00 124.00 30.00 74.00 246 Town 3,720 30.00 124.00 30.00 74.00 247 Town 3,720 30.00 124.00 30.00 74.00 248 Town 3,720 30.00 124.00 30.00 74.00 249 Town 5,884 47.00 124.00 30.00 74.00 250 Town 5,735 45.00 126.78 30.00 76.00 251 Town 3,910 30.00 128.54 30.00 78.00 252 Town 4,111 30.00 133.48 30.00 78.00 253 Town 4,621 30.00 146.00 30.00 80.00
  21. 21. HANOVER MEADOWS Lot Area (sq Lot Width (ft) Lot Depth Bldg. Env. Bldg. Env. DepthLot No. Product Type ft) @ BSBL (ft) Width (ft) (ft) 254 Town 10,228 49.00 172.00 30.00 82.00 255 Town 6,091 49.00 124.65 30.00 74.00 256 Town 3,740 30.00 124.65 30.00 74.00 257 Town 5,111 41.00 124.65 30.00 74.00 258 Town 5,580 45.00 124.00 30.00 74.00 259 Town 3,709 30.00 124.00 30.00 74.00 260 Town 5,355 37.00 124.00 30.00 74.00 261 Town 9,248 30.00 132.00 30.00 74.00 262 Town 3,899 30.00 124.00 30.00 74.00 263 Town 3,664 30.00 124.00 30.00 74.00 264 Town 8,177 65.00 124.00 35.00 74.00 265 Town 11,634 30.00 130.00 30.00 75.00 266 Town 3,901 30.00 130.00 30.00 80.00 267 Town 3,901 30.00 120.00 30.00 80.00 268 Town 3,901 30.00 130.03 30.00 80.00 269 Town 6,112 47.00 130.03 30.00 80.00 270 Town 5,591 43.00 130.03 30.00 80.00 271 Town 3,901 30.00 130.03 30.00 80.00 272 Town 10,759 30.00 130.03 30.00 74.00 273 Town 7,046 56.00 124.00 42.00 74.00 274 Town 3,720 30.00 124.00 30.00 74.00 275 Town 3,720 30.00 124.00 30.00 74.00 276 Town 3,720 30.00 124.00 30.00 74.00 277 Town 4,960 40.00 124.00 30.00 74.00 278 Town 11,856 80.00 124.00 70.00 74.00 279 Town 3,720 30.00 124.00 30.00 74.00 280 Town 3,720 30.00 124.00 30.00 74.00 281 Town 3,720 30.00 124.00 30.00 74.00 282 Town 8,175 65.00 124.00 35.00 74.00 283 Town 5,126 40.00 128.00 30.00 74.00 284 Town 3,954 30.00 128.00 30.00 74.00 285 Town 4,158 30.00 135.00 30.00 74.00 286 Town 4,565 30.00 148.00 30.00 74.00 287 Town 10,928 30.00 170.00 30.00 74.00 288 Town 4,584 35.00 126.00 30.00 74.00 289 Town 3,780 30.00 126.00 30.00 74.00 290 Town 3,780 30.00 126.00 30.00 74.00
  22. 22. HANOVER MEADOWS Lot Area (sq Lot Width (ft) Lot Depth Bldg. Env. Bldg. Env. DepthLot No. Product Type ft) @ BSBL (ft) Width (ft) (ft) 291 Town 3,780 30.00 126.00 30.00 74.00 292 Town 8,055 64.00 126.00 34.00 74.00 293 Town 4,270 35.00 122.00 30.00 74.00 294 Town 3,660 30.00 122.00 30.00 74.00 295 Town 3,660 30.00 122.00 30.00 74.00 296 Town 3,660 30.00 122.00 30.00 74.00 297 Town 7,799 64.00 122.00 34.00 74.00 298 Town 8,164 65.00 124.00 36.00 74.00 299 Town 3,720 30.00 124.00 30.00 74.00 300 Town 3,720 30.00 124.00 30.00 74.00 301 Town 3,720 30.00 124.00 30.00 74.00 302 Town 5,580 45.00 124.00 30.00 74.00 303 Town 5,580 45.00 124.00 30.00 74.00 304 Town 3,663 30.00 124.00 30.00 74.00 305 Town 5,637 40.00 128.00 30.00 74.00 306 Town 8,266 25.00 152.00 30.00 110.00 307 Town 4,731 30.00 159.00 30.00 110.00 308 Town 7,684 45.00 163.00 30.00 110.00 309 Town 8,175 65.00 124.00 34.00 74.00 310 Town 3,720 30.00 124.00 30.00 74.00 311 Town 3,720 30.00 124.00 30.00 74.00 312 Town 3,720 30.00 124.00 30.00 74.00 313 Town 5,307 42.80 124.00 30.00 74.00 314 Town 10,483 120.00 115.00 30.00 80.00 315 Town 4,189 30.00 135.00 30.00 80.00 316 Town 4,228 30.00 140.93 30.00 80.00 317 Town 4,228 30.00 140.93 30.00 80.00 318 Town 9,099 50.00 140.93 30.00 80.00 319 Town 6,868 63.00 124.00 30.00 74.00 320 Town 3,720 30.00 124.00 30.00 74.00 321 Town 3,720 30.00 124.00 30.00 74.00 322 Town 3,720 30.00 124.00 30.00 74.00 323 Town 8,175 65.00 124.00 35.00 74.00 324 Town 4,960 40.00 124.00 30.00 74.00 325 Town 3,720 30.00 124.00 30.00 74.00 326 Town 3,720 30.00 124.00 30.00 74.00 327 Town 3,720 30.00 124.00 30.00 74.00
  23. 23. HANOVER MEADOWS Lot Area (sq Lot Width (ft) Lot Depth Bldg. Env. Bldg. Env. DepthLot No. Product Type ft) @ BSBL (ft) Width (ft) (ft) 328 Town 8,175 65.00 124.00 35.00 74.00 329 Town 11,625 110.00 113.80 30.00 78.00 330 Town 3,414 30.00 113.80 30.00 78.00 331 Town 5,121 45.00 113.80 30.00 78.00 332 Town 5,121 45.00 113.80 30.00 78.00 333 Town 3,414 30.00 113.80 30.00 78.00 334 Town 4,552 37.00 113.80 30.00 78.00 335 Town 8,414 68.00 131.00 38.00 81.00 336 Town 3,930 30.00 131.00 30.00 81.00 337 Town 3,930 30.00 131.00 30.00 81.00 338 Town 8,721 75.00 112.15 30.00 81.00 339 Town 5,676 46.41 124.00 30.00 74.00 340 Town 3,720 30.00 124.00 30.00 74.00 341 Town 3,720 30.00 124.00 30.00 74.00 342 Town 3,720 30.00 124.00 30.00 74.00 343 Town 4,960 40.00 124.00 30.00 44.00 344 Town 7,044 43.60 163.00 30.00 82.00 345 Town 4,859 30.00 160.00 30.00 81.00 346 Town 4,796 30.00 158.00 30.00 76.00 347 Town 4,658 30.00 154.00 30.00 74.00 348 Town 7,084 46.00 154.00 30.00 74.00 349 Town 7,084 46.00 154.00 30.00 74.00 350 Town 4,620 30.00 154.00 30.00 74.00 351 Town 4,620 30.00 154.00 30.00 74.00 352 Town 7,084 46.00 154.00 30.00 74.00 353 Town 7,852 40.00 143.00 30.00 72.00 354 Town 4,800 30.00 143.00 30.00 72.00 355 Town 9,594 35.00 122.00 30.00 72.00 356 Town 4,989 40.00 124.00 30.00 74.00 357 Town 3,714 30.00 124.00 30.00 74.00 358 Town 3,714 30.00 124.00 30.00 74.00 359 Town 8,321 65.00 124.00 35.00 74.00 360 Town 11,553 79.00 130.00 37.00 80.00 361 Town 3,900 30.00 130.00 30.00 80.00 362 Town 3,900 30.00 130.00 30.00 80.00 363 Town 3,900 30.00 130.00 30.00 80.00 364 Town 5,850 45.00 130.00 30.00 80.00
  24. 24. HANOVER MEADOWS Lot Area (sq Lot Width (ft) Lot Depth Bldg. Env. Bldg. Env. DepthLot No. Product Type ft) @ BSBL (ft) Width (ft) (ft) 365 Town 5,980 46.00 130.00 30.00 80.00 366 Town 3,900 30.00 130.00 30.00 80.00 367 Town 3,900 30.00 130.00 30.00 80.00 368 Town 3,900 30.00 130.00 30.00 80.00 369 Town 5,980 46.00 130.00 30.00 80.00 370 Town 14,359 62.00 126.00 30.00 70.00 371 Town 3,710 30.00 125.00 30.00 74.00 372 Town 3,716 30.00 125.00 30.00 74.00 373 Town 7,330 35.00 129.00 30.00 79.00 374 Town 7,788 39.00 130.00 30.00 75.00 375 Town 3,917 30.00 130.13 30.00 76.00 376 Town 3,904 30.00 130.13 30.00 76.00 377 Town 3,904 30.00 130.13 30.00 76.00 378 Town 5,986 46.00 130.13 30.00 77.00 379 Town 5,861 45.00 130.13 30.00 77.00 380 Town 3,904 30.00 130.13 30.00 78.00 381 Town 3,847 30.00 130.13 30.00 78.00 382 Town 4,076 30.00 132.00 30.00 81.00 383 Town 9,777 30.00 145.00 30.00 91.00 384 Town 10,373 30.00 160.00 30.00 110.00 385 Town 4,424 30.00 145.00 30.00 91.00 386 Town 8,616 42.00 145.00 30.00 80.00 387 Town 6,111 39.00 154.13 30.00 74.00 388 Town 4,624 30.00 154.13 30.00 74.00 389 Town 4,624 30.00 154.13 30.00 74.00 390 Town 4,624 30.00 154.13 30.00 74.00 391 Town 8,140 43.00 154.13 30.00 74.00 392 Town 8,445 36.00 158.61 30.00 79.00 393 Town 5,594 30.00 178.00 30.00 95.00 394 Town 10,678 37.00 130.00 30.00 110.00 395 Town 7,035 30.00 135.00 30.00 36.00 396 Town 4,480 30.00 143.23 30.00 86.00 397 Town 4,297 30.00 143.23 30.00 93.00 398 Town 6,445 30.00 143.23 30.00 93.00 399 Town 6,445 30.00 143.23 30.00 93.00 400 Town 4,297 30.00 143.23 30.00 93.00 401 Town 4,297 30.00 143.23 30.00 93.00
  25. 25. HANOVER MEADOWS Lot Area (sq Lot Width (ft) Lot Depth Bldg. Env. Bldg. Env. DepthLot No. Product Type ft) @ BSBL (ft) Width (ft) (ft) 402 Town 4,484 30.00 143.23 30.00 87.00 403 Town 6,983 30.00 135.00 30.00 42.00 404 Town 8,590 30.00 143.97 30.00 93.00 405 Town 4,319 30.00 143.97 30.00 93.00 406 Town 4,319 30.00 143.97 30.00 93.00 407 Town 4,319 30.00 143.97 30.00 93.00 408 Town 6,479 30.00 143.97 30.00 93.00 409 Town 6,479 30.00 143.97 30.00 93.00 410 Town 4,319 30.00 143.97 30.00 93.00 411 Town 4,505 30.00 141.00 30.00 88.00 412 Town 7,073 30.00 135.00 30.00 38.00 Typ. 3,720 30 124 30 74 Avg. 7,313 73.73 130.97 37.67 73.80
  26. 26. Hanover Meadows Components Detailed
  27. 27. I. Active Adult Retirement CommunityThe potential market for Active Adult Communities is diverse and controls substantial wealth.Active Adult Communities appeal to empty nesters and retirees that are living in homes thathave often become too large, too difficult to maintain, too lonely as their neighbors and friendsleave and are replaced by younger, less compatible neighbors.The 412-unit Active Adult Retirement Community at Hanover Meadows is strategicallypositioned to have a distinct competitive advantage over other AARCs in the region, as a directresult of a clear and concise understanding of the Active Adult consumer. This project,specifically tailored to the “55-and-better” market, capitalizes upon extensive market researchthat effectively guided design decisions and determined exactly what development standardsshould be required and which products and amenities need to be offered to ensure the viabilityand successful build-out of Hanover Meadows Active Adult Retirement Community.Hanover Meadows Active Adult Retirement Community consists of three different producttypes within the community, offering Active Adult buyers a clear choice in selecting the housetype that best meets their spatial and pricing needs. Single family-detached lots, townhouselots, and twin lot sizes are as specified below. Building Type Numbe r of Typ. Lot Typ. Lot Typ. Lot Typ. Bldg. Env. Typ. Bldg. Env. Units Are a (sq ft) Width (ft) De pth (ft) Width (ft) De pth (ft) Singles 183 8,000 64 128 44 73 Townhouse 197 3,720 30 124 30 74 Twins 32 5,824 51 109 41 62 Total: 412The image that is created at the main entrance to an AARC is very important to retirees; theentrance serves as the front door to their new lives, and it should reinforce their sense of whatthe community is like and why they chose to live there. The projected 16,000 square footclubhouse at Hanover Meadows serves not only as the gateway to the community but also asthe physical, social, and symbolic anchor of the community.Understanding the values and preferences of the Active Adult target market, in an effort toprovide spaces and activities that encourage social interaction and enable residents to pursuetheir various interests, this premier Active Adult community has been specifically designed tofeature a club house up to 16,000 square feet that includes all of the key essentials typicallyfound in an Active Adult community.The choice and design of community amenities in an Active Adult community is central toestablishing an environment where residents can enjoy the active and sociable lifestyle theyseek. More than any other amenity, the clubhouse is the predominant marketing element in
  28. 28. presenting to sales prospects the potential of the active adult community. The buildingenvelope was intentionally designed to provide the builder with latitude to customize theclubhouse and clubhouse area as desired. Furthermore, the clubhouse area has been oriented toaccommodate a full array of popular outdoor recreational amenities such as designatedshuffleboard and bocce play areas, and a well-appointed swimming pool facility. Additionally,an area located immediately adjacent to the clubhouse has been carefully planned to provide agazebo and walking trail system within a park- like setting, which is strategically linked to avast network of open spaces and walking trails including the unique habitat for a blue heronrookery.The most popular amenity however, is a relationship with nature. Nature is a key amenity forActive Adults, appealing to their aesthetic sense and contributing to a feeling of both securityand relaxation.The resort or country-club atmosphere that distinguishes Active Adult communities is createdto a large extent by the quality of the natural or enhanced environmental features such as openspace, trees, water features and landscaping, and the precise way that these features areincorporated into the project design. Hanover Meadows has been carefully designed tocapitalize on the abundant natural resources within the community through a complex systemof walking trails that traverse the grounds, meeting the residents’ desire to exercise and toexperience nature.The 412 unit Active Adult Retirement Community can be purchased in it’s entirety for a totalof Eleven Million Dollars ($11,000,000). Phasing may be considered. 412 Unit AARC
  29. 29. Alternatively, the sale of this property may contemplate multiple buyers acquiring the differentproduct types and marketing simultaneously. For example, a Buyer may only be interested inacquiring the detached product, while another builder would select the towns and twins. In thisscenario, the approximate values for each product type are as follows: Hanover M eadows AARC - Approximate Price Per Lot Product Type Lots Price Per Lot Total Price Singles 183 $ 33,000 $ 6,038,000 Twins 32 $ 22,700 $ 726,500 Towns 197 $ 21,500 $ 4,235,500 Total 414 - $ 11,000,000
  30. 30. Improvement Costs Summary:Improvement costs for Hanover Meadows have been estimated and categorized as follows:Common On-Site Improvements, On-Site Improvements, and Common Off-SiteImprovements. The follow is a description and the estimates for each of the costs categories asthey relate to the 412-unit Active Adult Retirement Community. The costs for the other twocomponents have also been quantified when applicable and are further detailed in therespective sections of this prospectus.In the event that the 412 lot Active Adult Retirement Community is acquired by more than oneBuyer, in addition to paying the per lot cost for the approved lots (land cost) and the cost toimprove the various lots (on-site improvements), the Buyers will be responsible for a pro-ratashare of construction costs, including common off-sites improvements shared with the 254 unitCCRC and the 204 unit Senior Apartments/Condominiums, and common on-site improvementssuch as the entrance, basins, clubhouse area, among other costs related to public utilities andmunicipal fees.Common On-Site ImprovementsThe cost to construct the on-site improvements has been calculated for the 616 AARC in itsentirety based on a bid from Brubacher Engineering. The costs that are common to the 412 unitActive Adult Retirement Community, 204 unit Senior Apartment/Condominium section, andthe 254 unit CCRC, such as: basins, emergency access, utility extensions, the area surroundingthe clubhouse etc…collectively referred to as the Common On-Site Improvements, wereisolated from the overall cost to construct and re-distributed on a pro-rata basis.The balance of the costs contained within the Brubacher Bid, referred to simply as the on-sitecosts, represent the improvements that are specific to the various product types that theseimprovements directly benefit. These costs include: clearing and grubbing, erosion andsediment control, earth work, sanitary sewer, storm sewer, curbs, paving, rock, retaining walls,etc… and are further detailed within this prospectus as the Brubacher Bid. The total estimatedcost for common on-site improvements for the 412 unit AARC is approximately$3,696,741.These common on-site improvement costs have been further separated pro-rata based onoverall value between the singles, towns, and twins (and the senior apartments/condominiumas further outlined in Section II of this prospectus) as detailed herein. Common On-Site Improvements Per Lot Total Singles $11,089 $2,029,345 Twins $7,628 $244,099 Towns $7,225 $1,423,297 Total - $3,696,741
  31. 31. In the event that multiple buyers acquire the different components of the site, HeritageBuilding Group may install the on-site improvements that are common to all sections of theproject. The cost of these improvements, plus applicable financing, shall be reimbursed toseller by the Buyers. The repayment structure is yet to be determined, however a phasedrepayment may be considered.On-Site Improvements:A construction estimate for on-site improvements has been prepared by Brubacher Excavating,Inc. and is included within this prospectus. The prepared bid is based on the construction of the616 unit Active Adult project in its entirety and does not contemplate phasing. Furthermore,the bid does not include the gas approach, community center, the water contribution toSuperior, or the Full Care / Life Care component. Additional on-site improvements including:Survey, Landscape, Sidewalks, Street Lights, contingency factors, permitting, macadamelevator, etc… were not included in the Brubacher Bid. The buyer(s) of the AARC section willbe responsible for the installation of the on-site improvements. It is recommended thatprospective buyers perform their own estimate to verify the improved lot costs, taking intoaccount cost differentials due to construction sequence for phased construction.Public water to this property is available and is provided by Superior Water Company. Thereare no connection fees, only construction cost contributions. The water main lines in HanoverMeadows are to be installed by Superior Water Company. Full amount of the water lineextension is typically paid by Buyer to Superior Water Company up front at the start ofconstruction. The cost of the water main line is included within the on-site improvement costs.On-site improvement costs for the 412-unit AARC have been extrapolated from theaforementioned Brubacher Excavating and Superior Water Company bids. In total, the on-siteimprovement costs for the AARC are $16,612,783. The costs have been further calculatedbased on product type (singles, towns, twins) as follows: On-Site Improvements Per Lot Total Singles $54,845 $10,036,636 Twins $20,355 $651,372 Towns $30,075 $5,924,775 Total - $16,612,783
  32. 32. Common Off-Site Improvements –Within the immediate vicinity of the 616 unit AARC (including the senior apartments) and the254 Unit CCRC components of the project, Heritage Building Group is simultaneouslydeveloping a 40 lot single-family residential project, and a 275,000 square foot commercialproject, that also require certain improvements to areas outside of their respective properties.The scope of work for these projects, particularly the improvements necessary for Route 663and Route 73, may overlap between the projects. As such, Heritage Building Group may installthe off-site improvements to be reimbursed by the Buyers of the various components.Heritage has estimated the cost of the off-site improvements that are common to the projectand have re-distributed the costs among the various components on a pro-rata basis basedprimarily on road frontage.Additionally, there are road improvements such as: the widening of Church Road that willprimarily benefit the 412 unit AARC and 204 unit Senior Apartments.In total, the estimated off-site improvement costs for the 412 unit AARC is approximately$1,354,324.These costs have been further calculated and redistributed based on product type. Common Off-Site Improvements Per Lot Total Singles $4,063 $743,477 Twins $2,795 $89,425 Towns $2,647 $521,422 Total - $1,354,324Utilities-Sanitary Sewer –Public sanitary sewer will be available to the property and is provided by the New HanoverTownship Sewer Authority (“NHTSA”). Heritage has purchased and/or paid the requisitereservation fees to the NHTSA total public sanitary sewer connection fees for the 616 lots plusthe existing lot and clubhouse at Hanover Meadows. A total of 622 EDUs have been reservedfor the AARC component, at a cost of $4,600 per EDU for a total of $2,861,200. The total costfor the 412 unit section is $Error! Not a valid link.. Buyer(s) shall reimburse Seller for the costof their share of EDUs at closing. Sanitary Sewer Fee Per Lot Total Singles $4,600 $841,800 Twins $4,600 $147,200 Towns $4,600 $906,200 Total - $1,895,200
  33. 33. Water Extension Contribution:Public water to this property is available and is provided by Superior Water Company. Thereare no connection fees, only construction cost contributions, included within the siteimprovements estimated herein.Natural Gas:Natural gas to this property is available and is provided by UGI. The cost of installing a gasline, which shall be reimbursed to Seller, is included within the Common Off-SiteImprovements and is based on an estimated provided by UGI.Fees and Contributions:Fees Paid at Recording –As part of the development agreement between Heritage Building Group and New HanoverTownship, there are several fees or contributions that are to be paid by the Buyers at recording.Included in these fees are: Traffic Impact Fee, Unpaid Application Fee, TownshipCondemnation Reimbursement, and an Impact Contribution Fee. These fees are to be sharedequally between the singles, twins, towns and total $Error! Not a valid link.. Traffic Impact Fee Traffic impact fee for the 412 lot AARC is to be paid by the Buyer at the time the Final Subdivision and Land Development Plans are recorded. Unpaid Application Fee The unpaid application fee for Hanover Meadows is to be paid by the Buyer at the time 412 lot AARC Final Subdivision and Land Development Plans are recorded. Township Condemnation Reimbursement New Hanover Township is required to condemn or acquire right-of-way required by Heritage to construct highway improvements. Heritage agreed to pay the Township $100,000 to offset the Township’s cost of acquisition/condemnation. This $100,000 is to be paid no later than three (3) business days prior to the date on which the Township must pay any compensation for any condemned lands, or no later than three (3) business days prior to the date of settlement if the Township acquires the land. The Township Condemnation Fee shall be paid to Seller at the time of Settlement.
  34. 34. Fees and Contributions (cont’d) Impact Contribution Fee Impact Contribution Fee for impacts associated with the 412 lot AARC are to be paid by the Buyer to New Hanover Township prior to the issuance of building permits. Fees Paid at Re cording Per Lot Total Singles $738 $135,054 Twins $738 $23,616 Towns $738 $145,386 Total - $304,056Estimated Improved Lot Costs:The 412 unit AARC can be purchased in it’s entirety by one party for a total of $11,000,000. Ifthe AARC is acquired by multiple buyers, with sections acquired based on product type, theestimated improved lot cost for the each of the product types (singles, towns, twins) is asfollows: Estimate d Improved Lot Cost - Per Lot By Product Type Singles Twins Towns Land Price $ 32,995 $ 22,703 $ 21,500 Common On-Site Improvements $ 11,089 $ 7,628 $ 7,225 On-Site Improvements $ 54,845 $ 20,355 $ 30,075 Common Off-Site Improvements $ 4,063 $ 2,795 $ 2,647 Sewer Fees $ 4,600 $ 4,600 $ 4,600 Fees Paid at Recording $ 738 $ 738 $ 738 Total $ 108,330 $ 58,819 $ 66,785
  35. 35. II. Senior Apartments/CondominiumsImmediately adjacent to the 412-unit Active Adult Retirement Community, Heritage Building Groupoffers the opportunity to acquire a fully approved Senior Apartment Complex consisting of 204 units.The Age Qualified complex offers another housing option for residents who are seeking the ActiveAdult lifestyle through a multi-unit building. The Buyer of this section will ultimately have the choiceof providing units marketed toward the Active Adult buyer that prefers to own their unit by constructingand selling the units as condominiums, or to attract residents 55-and-better that prefer to rent within aSenior Apartment complex.The senior apartment/condominium section provides residents with separate access into-and-out of thecommunity with an entrance on Big Road (Route 73), although a shared amenities package mayavailable with the Active Adult Retirement Community. The building footprints, as designed, takeadvantage of large swaths of open space and convenient parking. Additionally, the approvals permitbuildings that are three stories in height, with a habitable third floor, and allowance for pitched roofs.The fully approved senior apartment/condominium section can be acquired separately from the othersections for Four Million Five Hundred Thousand Dollars ($4,500,000). 204 Unit Sr. Apts/Condos
  36. 36. Improvement Costs Summary:Improvement costs for Hanover Meadows have been estimated and categorized as follows:Common On-Site Improvements, On-Site Improvements, and Common Off-SiteImprovements. The follow is a description of and the estimates for each of the costs categoriesas they relate to the 412-unit Active Adult Retirement Community. The costs for the other twocomponents have also been quantified when applicable and are further detailed in therespective sections of this prospectus.Common On-Site ImprovementsIn addition to on-site improvements that directly benefit the 204-unit complex, the purchaser ofthe Senior Apartment/Condominium section will also be responsible for a pro-rata share ofcommon site improvements in conjunction with the development of the 414 unit AARC. Thetotal estimated contribution toward the common on-site improvements by theapartment/condominium builder is $ Error! Not a valid link. (Error! Not a valid link./unit). On-site improvements common to both projects include: basins, emergency access, utilityextensions, the area surrounding the clubhouse etc… Heritage Building Group may install theon-site improvements that are common to the AARC and Senior Apartments/Condominiums,and reimbursed by the buyers of the respective sections.On-Site Improvements:A construction estimate for on-site improvements has been prepared by Brubacher Excavating,Inc. and is included within this prospectus. The prepared bid is based on the construction of the616 unit Active Adult project in its entirety and does not contemplate phasing. These costsinclude: clearing and grubbing, erosion and sediment control, earth work, sanitary sewer, stormsewer, curbs, paving, rock, retaining walls, etc… and are further detailed within this prospectusas the Brubacher Bid. The On-Site Improvement costs have been further calculated on a pro-rata basis and redistributed among the 412 AARC unit and the 204 SeniorApartment/Condominiums.The bid does not include the gas approach, community center, the water contribution toSuperior, or the Full Care / Life Care component. Additional on-site improvements including:Survey, Landscape, Sidewalks, Street Lights, contingency factors, permitting, macadamelevator, etc… were not included in the Brubacher Bid. It is recommended that prospectivebuyers perform their own estimate to verify the improved lot costs, taking into account costdifferentials due to construction sequence for phased construction.Public water to this property is available and is provided by Superior Water Company. Thereare no connection fees, only construction cost contributions. The water main lines in HanoverMeadows are to be installed by Superior Water Company. Full amount of the water lineextension is typically paid by Buyer to Superior Water Company up front at the start ofconstruction. The cost of the water main line is included within the on-site improvement costs
  37. 37. The estimated total for the on-site improvements relative to the SeniorApartments/Condominiums is $Error! Not a valid link. (Error! Not a valid link./unit).Common Off-Site Improvements:Within the immediate vicinity of the 616 unit AARC (including the senior apartments) and the254 Unit CCRC components of the project, Heritage Building Group is developing a 40 lotsingle-family residential project, and a 275,000 square foot commercial project, that alsorequire certain improvements to areas outside of their respective properties. The scope of workfor these projects, particularly the improvements necessary for Route 663 and Route 73, mayoverlap between the projects. As such, Heritage Building Group may install the off-siteimprovements to be reimbursed by the Buyers of the various components.Heritage has estimated the cost of the off-site improvements that are common to the projectand have re-distributed the costs among the various components on a pro-rata basis basedprimarily on road frontage.Additionally, there are road improvements such as: the widening of Church Road that willbenefit the 204 unit Senior Apartments and the 412 unit AARC. In total, the estimated off-site improvement costs for the 204 unit Senior Apartments/Condominiums isapproximately $Error! Not a valid link. (Error! Not a valid link./unit).Utilities-Sanitary Sewer –Public sanitary sewer will be available to the property and is provided by the New HanoverTownship Sewer Authority (“NHTSA”). Heritage has purchased and/or paid the requisitereservation fees to the NHTSA total public sanitary sewer connection fees for the 616 lots plusthe existing lot and clubhouse at Hanover Meadows. A total of 622 EDUs have been reservedfor the AARC component, at a cost of $4,600 per EDU for a total of $2,861,200. The total costfor the 204 unit section is $ Error! Not a valid link. (Error! Not a valid link./unit). Buyer(s) shallreimburse Seller for the cost of their share of EDUs at closing.Water Extension Contribution:Public water to this property is available and is provided by Superior Water Company. Thereare no connection fees, only construction cost contributions, included within the siteimprovements estimated herein.Natural Gas:Natural gas to this property is available and is provided by UGI. The cost of installing a gasline, which shall be reimbursed to Seller, is included within the Common Off-SiteImprovements and is based on an estimated provided by UGI.
  38. 38. Fees and Contributions:Fees Paid at Recording –In accordance with the settlement agreement with New Hanover Township through whichFinal Approval for the project was obtained, certain fees and contributions are required ofbuilder to be paid at final plan recording. The buyer of the 204 unit SeniorApartment/Condominium Component is responsible for a pro-rata share of the fees andcontributions totaling $Error! Not a valid link. (Error! Not a valid link.unit). Traffic Impact Fee Traffic impact fees for the 204 unit Senior Apartment/Condominiums are to be paid by the Buyer at the time the Final Subdivision and Land Development Plans are recorded. Unpaid Application Fee The unpaid application fee for Hanover Meadows is to be paid by the Buyer at the time the 204 unit Senior Apartment/Condominiums Final Subdivision and Land Development Plans are recorded. Township Condemnation Reimbursement New Hanover Township is required to condemn or acquire right-of-way required by Heritage to construct highway improvements. Heritage agreed to pay the Township $100,000 to offset the Townships cost of acquisition/condemnation. This $100,000 is to be paid no later than three (3) business days prior to the date on which the Township must pay any compensation for any condemned lands, or no later than three (3) business days prior to the date of settlement if the Township acquires the land. The Township Condemnation Fee shall be paid to Seller at the time of Settlement. Impact Contribution Fee Impact Contribution Fee for impacts associated with the 204 unit Senior Apartment/Condominiums are to be paid by the Buyer to New Hanover Township prior to the issuance of building permits
  39. 39. Estimated Improved Lot Costs:The 204 unit Senior Apartments/Condominiums section can be purchased in it’s entirety fortotal of $4,500,000. The estimated improved lot cost for this section, based on the costs definedherein is as follows: Es timated Improved Lot Cost - Senior Apartments/Condominiums 204 Per Unit Total Land Price $ 22,059 $ 4,500,000 Common On-Site Improvements $ 7,393 $ 1,508,147 On-Site Improvements $ 22,142 $ 4,516,905 Common Off-Site Improvements $ 2,708 $ 552,507 Sewer Fees $ 4,600 $ 938,400 Fees Paid at Recording $ 738 $ 150,552 Total $ 59,640 $ 12,166,511
  40. 40. III. Continuing Care Retirement CommunityHanover Meadows is a truly unique Age Qualified housing opportunity, providingunparalleled flexibility in design and development, enabling builders and operators the abilityto construct utilizing several methods or models.The smallest portion of the Master Planned Community, consisting of approximately 16 acres,is a self-contained Continuing Care Retirement Campus (“CCRC”) with private access from N.Charlotte St. (Route 663) and Miles Rd. The two uses are buffered substantially by the naturalwoods and wetlands on the property, ensuring that if desired, the residents of one communitywill not be adversely impacted by the other. As a result, prospective buyers can analyze theproperty from the perspective of building Independent Living and Assisted Living (Full Care)on one campus, adjacent to but separate from, an Active Adult Retirement Community. 254-Unit CCRCHeritage Building Group has obtained Conditional Use Approval to permit the design anddevelopment of a Continuing Care Retirement Campus consisting of Independent Living andAssisted Living Facilities. At the time of Approval, Heritage made assumptions regardingacreage allocation and unit densities, based on the opportunities and constraints of the site andthe layout of similar facilities. Because only the “use” has been approved for the CCRCcomponent, and only conceptual plans have been submitted, the ultimate builder of this project
  41. 41. is not constrained by those assumptions and has the ability to re-design the plans, building tosuit the specific demands of the intended residents, subject to the underlying zoning (asmodified by the Court approved Settlement Agreement), the approvals of New HanoverTownship, and all requisite permits from outside agencies.As part of negotiations with the Township, Heritage obtained the available use and establishedthe site capacity calculations, while working to preserve maximum design flexibility for theCCRC component. The CCRC consists of two components: Life Care (Independent Living)and Full Care (Skilled Nursing, Assisted Living).Life Care (Independent Living):The Life Care component is a residential use designed for individuals of retirement age withcertain support requirements, but not necessarily in need of skilled nursing.The layout of the Life Care Facility, given the current acreage allocation, cannot exceed 190Units. However, the number of beds/bedrooms is limited only by the amount of availableparking and impervious surface that must be provided. In essence, any combination of one andtwo bedroom units, up to 190 units, can be achieved as long as the parking and imperviousrequirements are met. Ultimately, the developer of this property will have maximum flexibilityin designing the units to accommodate the preferred ratio of one and two bedroom units,provided that it is consistent with the bulk area standards for parking, open space andmaximum impervious coverage. The maximum building height has been modified from theunderlying zoning to permit buildings that are 40’ in height and 3 living stories. This provisionwas specifically included to enable builders greater flexibility in their architectural choices andpermit façades and elevations that incorporate pitched roofs.Full Care (Assisted Living/Skilled Nursing):The Full Care facility is designed and operated exclusively for individuals of retirement agethat require skilled full-time care. The maximum number of beds permitted, given the currentacreage allocation, in the Full Care component is 128 beds within 64 units. Architecturally, themaximum building height is also 40ft; in order to accommodate 3 living stories. The ultimatedesign and layout of the Full Care facility is subject to the bulk area standards for parking,open space and maximum impervious coverage.The Continuing Care Retirement Community is being offered for sale, with conditionaluse approval, for Four Million Five Hundred Thousand Dollars ($4,500,000). Hanover M eadows CCRC - Approximate Price Per Unit Product Type Units Price Per Lot Total Price Independent Care 190 $ 20,000 $ 3,800,000 Assisted Living 64 $ 11,000 $ 700,000 Total 254 - $ 4,500,000
  42. 42. Improvement Costs Summary:Improvement costs for Hanover Meadows have been estimated and categorized as follows:Common On-Site Improvements, On-Site Improvements, and Common Off-SiteImprovements. The follow is a description and the estimates for each of the costs categories asthey relate to the 254-unit Continuing Care Retirement Community. The costs for the other twocomponents have also been quantified when applicable and are further detailed in therespective sections of this prospectus.Common On-Site ImprovementsPublic water to this property is available and is provided by Superior Water Company. Thereare no connection fees, only construction cost contributions. The water main lines in HanoverMeadows are to be installed by Superior Water Company. Full amount of the water lineextension is typically paid by Buyer to Superior Water Company up front at the start ofconstruction.A pro-rated share of these items, responsible by the CCRC builder, is included in the commonon-site improvements estimate. The total estimated cost of the common on-siteimprovements for the CCRC component is $Error! Not a valid link..On-Site ImprovementsA construction estimate for on-site improvements has not yet been prepared for the conceptualplan. It is understood that the Buyer will ultimately reconfigure the building layout using thebuilding footprints and specifications that are preferred. As a result, the scope and cost of theon-site improvements will ultimately be determined by the Buyer.Off-Site Improvements:Natural gas to this property is available and is provided by UGI. Buyer shall reimburse Sellerfor the installation of a gas line to the site based on an estimate provided by UGI.The CCRC is also responsible for the sewer line installation and improvements to Miles Rd.The estimated share of the common off-site improvements for the CCRC component is$Error! Not a valid link..
  43. 43. Sanitary Sewer –Public sanitary sewer will be available to the property and is provided by the New HanoverTownship Sewer Authority (“NHTSA”). Heritage has purchased and/or paid the requisitereservation fees to the NHTSA total public sanitary sewer connection fees for the 254 unitCCRC. The total cost of public sewer for the Continuing Care Retirement Community is$Error! Not a valid link.. Buyer agrees to reimburse Heritage at closing for the payments made todate ($710,028), plus will make the final two payments of $284,000 and $453,264 to NHTSAon July 16, 2009 and December 31, 2009 or at plan recording, respectively.Fees and Contributions:There are no fees or contributions due at this time; however it is understood that Buyer may besubject to Municipal fees or contributions negotiated with the Township as part of obtainingPreliminary or Final Approval.Estimated Partially Improved Lot CostThe 254 unit CCRC is being sold with Conditional Use Approval, however reimbursements forcommon on-site and off-site improvements will be required of the buyer. The estimated cost ofthese improvements, plus the cost of the land, and the public sanitary sewer are as follows: Estimate d Partially Improved Lot Cost - Continuing Care Retire me nt Community 254 Pe r Unit Total Land Price $ 17,717 $ 4,500,000 Common On-Site Improvements $ 5,954 $ 1,512,219 Common Off-Site Improvements $ 2,181 $ 553,999 Sewer Fees $ 5,698 $ 1,447,292 Total $ 31,549 $ 8,013,510
  44. 44. Market Analysis
  45. 45. Market AnalysisAge Qualified DemographicsIn 1900, less than 5% of the national population was comprised of people over the age of 65.From 1990 to 2000, the U.S. population aged 60 years and greater increased by about 3.5million. However, during the next ten years, the total increase in persons aged 60 years andover will exceed 10 million, almost three times that of the past decade. Looking further ahead,the increases in the mature population will be even more dramatic. Now numbering over 35million, this cohort accounts for over 12% of the nation’s population and by the year 2030 thispopulation will double to more than 70 million or 20% of the US Population.The National Association of Home Builders (NAHB) recently declared that the 50+demographic is the “fastest-growing segment of the current housing market.” Representativesfurther stated that the 55-to-64 national age group is expected to grow by a “whopping 75%between now and 2020, while the 65+ age group will increase by 54%.” In fact, between 1990and 2000, the 55-to-59 age group increased in every single state of the nation, proving that theUnited States is an aging nation in need of adequate housing for this demographic. Insummary, the Active Adult housing market is ready to explode, assuring the success of futurehomebuilders who enter this burgeoning marketplace.Amazingly, Pennsylvania provides an environment with exponentially greater potential thaneven the glowing national demand creates. Below is a Thematic Map illustrating the medianage of all 50 states, clearly marking Pennsylvania as one of four states with the oldest medianage. PennsylvaniaThis elevated median age provides an initial indicator of future success in the age-qualifiedmarket. Below is a snapshot of several other national ranking statistics for Pennsylvania, oneof the largest and most prosperous markets for senior housing available to home builders.
  46. 46. In 1990, the average age of an Active Adult homebuyer was 67 but by 2000, that average agedropped to 61 year old. This is encouraging news for homebuilders, because not only isAmerica aging, but the average age of those purchasing Active Adult and/or age qualifiedhousing is decreasing, exponentially increasing the current demand for such housing.Additionally, from 1969 – 1996, the median household income for married couples 65+increased by 57%; proof that not only are American’s working longer but they have the meansby which to afford housing suitable to their age-specific needs.Pennsylvania Age Qualified Statistics (TABLE) Qualifier Rank National Rank Population 12,281,054 #6 Median Age 38 #4 Percentage of Population 60+ 19.8% #3 Percentage of Population 65+ 15.6% #2 Number of People between 55-74 2,100,897 #5 55-74 bracket as share of the States total Population 17.1% #4By the year 2000, Pennsylvania accounted for nearly 5% of the national home owners ages 55and above. By 2020, a shocking 25% of Pennsylvania’s population, 3 million residents, isexpected to fall into the 60+ age category, a sizeable portion of the population that will be inthe market for the type of quality age qualified housing Hanover Meadows will provide.Specifically, the Pennsylvania Department of Aging recently stated that “during the comingdecade, the highest increases in the age 60-to-74 year old population are projected inthe…southeast sections of the Commonwealth.” Currently, 19% of Montgomery County’spopulation is comprised of residents 60 and older. By the year 2010, the population ages 60+is expected to increase by 11%, thus constituting 22% of the county’s total population.Montgomery County therefore finds itself firmly embedded in an area that will require largescale development of new Active Adult housing to meet the aging population’s demand.Growth within Montgomery County has been particularly felt in New Hanover Township.Between 1990 and 2000, Montgomery County gained the distinct recognition asPennsylvania’s 5th fastest growing urban county, with an impressive 14.2% increase expectedby 2025. This fantastic growth was based, in large part, on an epidemic of rapidly increasingpopulation densities, costs of living, and crime rates indicative of neighboring Philadelphia andDelaware Counties. These characteristics forced many people and jobs into neighboring Bucks,Chester, and Montgomery Counties. The Thematic Map below, showing the population of eachmunicipality within Montgomery County (2000), provides stark visual evidence of this steadyprogression out of Philadelphia County, north and west into Montgomery County. NewHanover Township, located in western

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